Rio Tinto Plc got a reprieve as the UK’s Serious Fraud Office quietly dropped its investigation into the mining firm. The agency, which prosecutes and investigates the most serious white-collar crime in Britain, found after an internal review that it wasn’t in the public interest to continue.
(Bloomberg) — Rio Tinto Plc got a reprieve as the UK’s Serious Fraud Office quietly dropped its investigation into the mining firm. The agency, which prosecutes and investigates the most serious white-collar crime in Britain, found after an internal review that it wasn’t in the public interest to continue.
Here’s the key business news from London this morning:
In The City
Rio Tinto Plc: The UK’s Serious Fraud Office closed a 2017 probe into the iron ore giant over allegations of corruption in Guinea without bringing any charges.
- The miner said in a statement it was “committed to conducting business to the highest standards of integrity” after the probe closed. The Australian Federal Police’s investigation into the case remains ongoing
CMC Markets Plc: The financial derivatives dealer is looking at a lower-than-expected net operating income for the full year as subdued market conditions through August meant trading and investing net revenues trailed the same period a year earlier.
- The London-listed company has seen a more challenging environment in August with “markedly lower” monetization of client trading activity
Office of Gas and Electricity Markets : The British energy regulator lowered its cap on domestic energy bills to an average annual level of £1,923 for the Oct. 1-Dec. 31 period. Millions of households could still face higher costs in the coming months as the government phases out its support.
- The cap, based on a dual fuel household paying by direct debit based on typical consumption, regulates how much suppliers can charge households per unit of energy and applies to customers on variable tariffs
John Lewis Partnership Plc: The department store chain plans to recruit more than 10,000 workers ahead of the holiday season, typically its busiest period, as it tries to boost customer service.
- The supermarket plans to hire about 8,400 people for the Christmas period, while 1,700 permanent jobs are set to come up at John Lewis stores and grocer Waitrose over the coming months
In Westminster
the UK will soon host the first global summit on artificial intelligence as Prime Minister Rishi Sunak attempts to make Britain a leader in the transformative new technology. The government picked its World War II code-breaking center at Bletchley Park as the venue, with “leading AI nations and experts” attending the event.
In Case You Missed It
The fallout of sexual assault allegations against founder Crispin Odey continues with Odey Asset Management now vacating its long-time Mayfair headquarters in London. The move follows a collapse in assets, the shuttering of three funds and multiple portfolio managers moving out of the firm.
Looking Ahead
With the roster of companies reporting results almost exhausted, the attention will be on macroeconomic data next week. The Bank of England will publish mortgage approval data for July on Thursday, and the Nationwide Building Society’s August House Price Index will be published Friday. Even though affordability has improved slightly, increasingly expensive mortgages are a growing issue for house prices as the purchasing power of households shrinks.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
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